HomeAltcoin NewsXRP Price Analysis: XRP Drops Again, Can This Support Hold?

XRP Price Analysis: XRP Drops Again, Can This Support Hold?

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  • XRP price started a fresh decline below the $0.650 zone against the US dollar.
  • The price is now trading below $0.640 and the 55 simple moving average (4 hours).
  • There was a break below a key bullish trend line with support at $0.660 on the 4-hour chart of the XRP/USD pair (data source from Bittrex).
  • The pair could extend losses if it breaks the $0.612 support zone.

XRP price is struggling below $0.640 against the US Dollar, unlike Bitcoin. The price could decline further if it settles below the $0.612 support in the near term.

XRP Price Analysis

In the past few hours, Ripple’s XRP price started a fresh decline from well above $0.670 against the US Dollar. The XRP/USD pair gained bearish momentum below the $0.655 level.

The bears were able to push the price below the $0.650 support. There was a break below a key bullish trend line with support at $0.660 on the 4-hour chart of the XRP/USD pair. The pair broke the 61.8% Fib retracement level of the upward move from the $0.5850 swing low to the $0.7006 high.

The price is now trading below $0.640 and the 55 simple moving average (4 hours). Initial support on the downside is near $0.612. It is close to the 76.4% Fib retracement level of the upward move from the $0.5850 swing low to the $0.7006 high.

The next major support is near the $0.600 level. Any more losses could lead the price toward the $0.585 level, below which the price might even test $0.550.

On the upside, the price is facing resistance near $0.6375 or the 55 simple moving average (4 hours). The next major resistance is near the $0.642 level. A clear move above $0.642 might start a fresh increase. In the stated case, the price could even surpass the $0.650 resistance. Any more gains might send the price toward the $0.685 resistance.

XRP Price
XRP Price

Looking at the chart, XRP price is now trading below the $0.640 zone and the 55 simple moving average (4 hours). Overall, the price could extend losses if it breaks the $0.612 support zone.

Technical indicators

4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.

Key Support Levels – $0.612, $0.600, and $0.585.

Key Resistance Levels – $0.6375 and $0.650.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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